Selling House? Here Are 6 Ideas for Reinvestment in Long Island

Do you own a home in Long Island? If so, have you thought about what selling it could mean for you and your family? If you feel stuck with a run-down house, or if you simply have a property you want to sell quickly, think about the benefits a fast sale can offer you!

There are all kinds of things you can do with the extra cash you get for your Long Island home. Paying off debt and reinvesting into something more lucrative are just the beginning!

Below are our favorite ideas for reinvestment!

Buy a New House!

Take the cash you receive for your current property and reinvest in a property you actually love! You can take advantage of the 1031 exchange, which states you do not have to pay capital gains tax on a property you sell, so long as you reinvest in a “like” property. So in theory, you could sell a condo, and buy a different one with out a tax penalty. There are certain restrictions, such as you will have needed to live in the home you are selling for the past 2 out of 5 years. You can get creative with this too. Sell a residential home, and swap it out for something you can live in, but also has additional space to rent out! Before you commit to a sale, make sure you thoroughly understand the requirements involved in a 1031 exchange. Reinvesting in real estate you love can be a game changer! Both financially and for your overall happiness!

Start A Business

Have you always dreamed of starting your own business? Maybe it was never the right time, or the funds just weren’t there. Selling your Long Island home can help to make your dream a reality! The old, run-down house you had written off, might be the key to your entrepreneurial future! For many businesses, start-up costs can be pretty low. Selling your house can give you the cushion you need to start your business with confidence!

Go to School

No matter how old you are, it is never too late to learn something new! You don’t have to be any particular age to begin your academic journey! Take your extra cash, and invest in yourself! The reward will greater than any property you could ever own!

Travel the World

There is no time like the present to get out and see the world. One thing many people regret when they are older is not traveling more. Take your extra cash, and have an adventure! The memories you make will be irreplaceable.

The Stock Market

You don;t have to be a top stock broker to get started. A small investment can quickly grow into something more valuable. If you are brand new to investing, we suggest you work with a profession, at least until you have a better grasp of what you are doing! It can be risky, so never invest beyond your means.

Buy Yourself a Toy

We would never encourage reckless spending, however indulging once in awhile can make life more fun. Imagine a new boat, jet ski, or camper. It’s not just about the material possession, rather the memories you will make. Having something fun you and your family can enjoy will create a lot more memories than an old, run-down Long Island house! Be responsible, but don’t forget to have a little fun too! That’s what life is all about right?!

Are you ready to sell your Long Island home? We are ready to help you with a solution! Send us an email or give our office a call today! We can’t wait to talk to you! 516-704-7025

Meet Joe

My name is Joe Cordes and I am the owner of Comax Properties, a local real estate solutions company. We're dedicated to helping Long Island homeowners who need a solution for their house or mortgage trouble. If you need to sell a house in Long Island call me at 516-704-7025 so we can talk about your specific needs.

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Testimonials

Comax Properties

We had to get rid of my family home, which was sad but it was time. I first met Joe in the summer of 2018. He was very professional, kind and was so understanding of my circumstances . I felt comfortable with him from day one. He was with me through the whole process and I could not have asked for a better experience . Joe was always a phone call away with any concerns or questions I had. I would highly recommend Joe Cordes. He is the best !!

Caren. C, Farmingdale NY

Comax Properties

I’ve been working with Joe for a few years now and in a sea of sameness he stands apart because he’s authentic and has integrity. Those two attributes mean he does what he says and truly cares for people. There aren’t many businesses out there like this anymore!

Kate Hall, Washington DC

Comax Properties

I first met Joe from Comax Properties when he helped out some of my clients, who were being foreclosed on and needed to sell their house via short sale. He was easy to work with and throughout the entire process, he was extremely professional, straightforward and respectful of my client’s wishes and needs. Most importantly, he was honest and did exactly what he said he was going to do, which relieved much of the stress my clients were feeling about the short sale process.

We are a real estate solutions agency that specializes in helping homeowners get rid of burdensome houses fast. We are investors and problem solvers who can buy your house fast with a fair all cash offer. We also offer free foreclosure and short sale advise and assistance.